Across the broader market, gainers outnumber decliners 316 to 142, after 1.4 billion securities worth S$2.1 billion change hands
[SINGAPORE] Local stocks finished stronger on Thursday (Feb 19), tracking regional gains and following a strong rebound in technology shares on Wall Street.
The benchmark Straits Times Index (STI) gained 1.3 per cent or 62.98 points to finish at 5,001.56. Meanwhile, the iEdge Singapore Next 50 Index rose 0.6 per cent or 9.13 points to 1,510.73.
Across the broader market, gainers outnumbered decliners 316 to 142, after 1.4 billion securities worth S$2.1 billion changed hands.
Regional markets also ended in positive territory. Japan’s Nikkei 225 index rose 0.6 per cent, South Korea’s Kospi was up 3.1 per cent, and the FTSE Bursa Malaysia KLCI advanced 0.6 per cent.
The Asian rally followed a strong performance on Wall Street on Wednesday, led by tech giants including Nvidia and Amazon, which helped ease earlier concerns about artificial intelligence (AI) investments.
“Economic data signalling the continued buoyancy of AI-related capital expenditures is propelling animal spirits on Wall Street,” said Jose Torres, senior economist at Interactive Brokers.
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He added that “positive durable goods and industrial production prints” reflect ongoing manufacturing activity, easing concerns over large-scale spending in the sector and driving a “strong comeback” in tech stocks.
At the same time, ongoing tensions between the United States and Iran kept oil prices steady; gold held firm as investors sought safety amid geopolitical uncertainties.
Torres noted that the “commodity complex as a whole is largely gaining on safe-haven demand”, with gold climbing back above US$5,000. “Elsewhere, volatility protection instruments are seeing lessening interest as investors unwind hedges,” he added.
On the STI, Yangzijiang Shipbuilding led the gainers, rising 4.9 per cent or S$0.17 to end at S$3.64.
The worst performer among the index’s constituents was Mapletree Logistics Trust , which fell 1.5 per cent or S$0.02 to S$1.28.
The three local banks ended Thursday higher. DBS gained 1.3 per cent or S$0.73 to S$57.62, OCBC rose 2.3 per cent or S$0.48 to S$21.59, and UOB was up 0.7 per cent or S$0.27 at S$38.66.
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